Sarie Eldin: Egypt’s Economic Situation ‘Extremely Serious’

Dr. Hani Sarie Eldin – the former Chairman of the Egyptian Capital Market Authority (ECMA), has stated that Egypt is one of the worst three countries in the world in terms of dealing with its budget deficit.

The economic situation in Egypt is extremely serious to the extent that the country has strategic commodities that are sufficient for only 2 months, Sarie Eldin noted during an interview with prominent journalist Ibrahim Eissa in the talk show ‘Hona Al Kahera’ on Tuesday evening.

Sarie Eldin further said the foreign investment rates shrank to EGP 900 million, compared to EGP 14 billion in 2007.

He also noted that the Egyptian government has seriously to work on the energy sector for the coming two months, otherwise the country will witness severe blackout during this summer. Sarie Eldin explained that Egypt does not own even one integrated project. However, there are lots of ideas that needed to come into effect.